Some of my friends in the Boomer’s Wake are feeling a little helpless at the moment. We are watching our 401ks drop by 30-40%, hearing that we are trillion dollar bailouts away from financial Armageddon and learning that we are in the beginning of an extended recession with our jobs in jeopardy. And yet we realize that living in the Boomer’s Wake means that we have to fend for ourselves now and in the future. Face it! We won’t see a dime of any of these “bailouts”. And the projected $54 trillion US debt? The only thing we will get from all that debt is the bill to pay it back. We are on our own!
So there are several ways to deal with this situation.
· We can bury our heads in the sand (and hope someone else fixes it for us)
· We can party like its 1999 (but that is so 10 years ago)
· We can learn how to navigate these rough waters, survive and even thrive
Over the next few weeks, we will be reviewing the Rules of Boomer’s Wake Investing, but for now, here is a sneak preview of the rules...
Rules of Boomer’s Wake Investing:
Boomer’s Wake Rule #1 – Do not follow the herd!
Boomer’s Wake Rule #2 – Find out what “they” want… and sell it to them!
Boomer’s Wake Rule #3 – When opportunity knocks be at home to answer the door!
Boomer’s Wake Rule #4 – Old people don’t spend much money!
Boomer’s Wake Rule #5 – Understand that we are addicted to bubbles!
Boomer’s Wake Rule #6 – Build a team of advisors, a group of peers and an army of soldiers
Boomer’s Wake Rule #7 – Beware of boomers bearing gifts! Especially Politicians' Gifts!
Boomer’s Wake Rule #8 – As scary as it seems, you need to get started, now!